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Monday, April 24, 2017

An Israeli startup armed with $45 million is taking on Google and Apple in the race to sell your personal data

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otonomo

Israel-based startup Otonomo is capitalizing on the fact that cars, once the symbol of American escapism, are becoming repositories of your personal data.

Cars have only become connected to the internet in the last few years, but sensors to support autonomous driving capabilities and smart infotainment consoles are contributing to an influx of data that the auto industry has never seen before.

Big Data is poised to grow even more as automakers pursue fully self-driving vehicles and the government preps to mandate vehicle-to-vehicle communication, allowing future cars to talk with each other while driving.

McKinsey & Co. predicts car data could become a $750 billion industry by 2030.

So it’s no wonder everyone wants a slice of the pie.

“The emergence of new business models and changes in existing ones will not only unlock new customer segments, but will also attract industry newcomers,” McKinsey & Co. wrote in its report. “Traditional car manufacturers will be joined by content/service providers, end-to-end mobility providers, infrastructure providers, and insurers in the competition for the connected customer as new services and business models will allow them to access customers in the car and target this new value pool.”

That’s where Otonomo comes in.

Founded in 2015, Otonomo uses a cloud solution to collect data, organize it, and sell it to third parties. The startup says it works with 9 major automakers and has a partnership with Mercedes’ parent company Daimler, but declined to name the other carmakers using its service.

The startup has raised $40 million in total funding and boasts Steve Girsky, former vice chairman and board member of General Motors, as a backer.

“Google and Apple are the best in the world at monetizing data. They want to do it also in the car and the car guys understand it,” Otonomo CEO and co-founder Ben Volkow told Business Insider. “[Automakers] see us as a strategic partner to help play the same game.”

Otonomo has 70 partners buying up the data, ranging from players in the retail space and insurance industry, Volkow said. More than 1 million cars on the road are already connected to the Otonomo platform, and that number will rise to 5 million by the end of 2017.

The startup splits whatever it makes selling the data with the the automaker that supplies it. Volkow declined to say exactly how much Otonomo takes away, but said it’s less than half.

The fate of privacy

us dot tests v2v technologyOtonomo is already selling vehicle owners’ data, but questions of privacy still remain as cars are set to collect more data going forward.

Currently, Otonomo adheres to the Driver Privacy Act of 2015 that states all data collected by a vehicle is the property of the owner or lessee of that vehicle unless the owner gives explicit consent to share it.

What drivers may not realize is that they have consented to hand over that data simply by agreeing to the terms and services of their infotainment consoles, like Daimler’s COMMAND or General Motors’ OnStar.

The McKinsey report found vehicle owners are pretty evenly divided when it comes to sharing this kind of information.

Of the 3,184 respondents surveyed, 55% said they would allow it and 24% said they would not allow it under any circumstances. The other 21% said they would share data that helped improve the car’s product, under the condition it would not be sold to third parties.

That means 45% of people surveyed were opposed to their data being sold to third parties.

How consumers opt in and out of privacy standards may change. The government is looking to mandate V2V communication, allowing cars to communicate about traffic patterns and congestion in the ultimate hope of cutting down accidents.

But as mentioned earlier, that’s going to result in entirely new streams of data being shared and collected.

The Federal Trade Commission and National Highway Traffic Safety Administration will discuss the privacy and security issues related to V2V on June 28. (The public comment period on the topic closed Thursday.)

The government will also have to address consumer privacy when it comes to self-driving vehicles. NHTSA released federal guidelines for the vehicles in September that include a safety assessment for consumer privacy, but has yet to propose regulations.

Still, there may be instances where consumers want to share certain kinds of data, similar to how people use their smartphones today. For example, drivers may elect to share their location to get alerts about open parking spots nearby.

Volkow mentioned other ways an open data platform could improve the driving experience. Otonomo can monitor everything from tire pressure to battery life, meaning it can inform a driver they need to see a mechanic before a car breaks down.

For self-driving cars, fleet managers could receive alerts if there’s problem and program the car to drive back to its home base for further evaluation.

“[Car manufacturers] will need to give you the visibility somehow to see what is being done with your data and how to control it,” Volkow said. “But I think in many places there’s a strong motivation for you to give it.”

SEE ALSO: Self-driving cars are prone to hacks — and automakers are barely talking about it

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NOW WATCH: STEVE WOZNIAK: Here’s what I want to see in the ‘Apple Car’

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April 24, 2017 at 02:22AM

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from Danielle Muoio

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Rising anti-semitism in the UK fuelled by social media, report finds

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April 24, 2017 at 02:20AM

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from Olivia Rudgard

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AT&T’s Words on Time Warner Deal Say ‘Underdog.’ Its Actions Speak Otherwise.

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AT&T has told federal regulators it needs the merger to compete with cable companies. But it has acted like a powerhouse in dealings with cities and states.

April 24, 2017 at 02:20AM

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from By CECILIA KANG

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Marine Le Pen celebrates victory but warns ‘survival of France at stake’ on May 7

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April 24, 2017 at 02:20AM

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from Rory Mulholland

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When is the final round of the French election? (Spoiler alert, May 7)

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Round 2 of the election in France is the final, the decider! Its on Sunday May 7 (did I mention that?)
What we have had today was round 1, and the result from that is that Macron And Le Pen proceed to the final round, Fillon and Melonhead (and any other candidates) are out of the race.

April 24, 2017 at 02:25AM

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from Eamonn Sheridan

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Forex technical analysis: EURUSD gaps toward March high

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The 1.0906-10 area topside target
As everyone knows, the EURUSD has gapped on the back of the French election.  No surprises and support being pushed Macron’s way.  

April 24, 2017 at 02:21AM

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from Greg Michalowski

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I’m a beginner and want to have a platform set up to play with as I go through the lessons. What is your preferred trading platform.

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I don’t know if this is allowed or not because I haven’t made it through all the lessons yet. But I would like to have a solid platform set up on my computer ahead of time so that I can reference back to it to find the graphs and just watch how things are moving while I read the lessons and learn the platform while I learn.

I don’t know if I’ll ever actually enter the forex market. I know that it is highly unlikely that it will make me rich. I know that the risk is VERY high. At best I hope that I can use it to maybe supplement some of my income a little bit and maybe strengthen my retirement fund a little bit. I plan on using funds that I would be okay with losing.

I’m not asking what the best platform is, just which one you prefer. I know it all depends on what broker you chose ect.

Thanks and I hope my post doesn’t get removed.

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April 24, 2017 at 02:18AM

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from /u/OneSchott

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President Trump Speaks The Words We Long To Hear: “MASSIVE TAX CUTS!”

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by Pamela Williams   In an interview with the Associated Press on Friday, President Trump said his tax reform package would be unveiled “Wednesday or shortly thereafter” and it will include a “massive tax cut.”…

April 24, 2017 at 02:16AM

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from IWB

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EUR/USD levels to watch after the favorable first French round

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EURUSD-Macron-wins-April-23-24-2017-dail

Market favorite Macron is now leading the real vote as well as the exit polls. As the centrist cements his lead, it is time to look at the bigger picture for the common currency. EUR/USD is already reacting positively in early trading. The pair is trading just above 1.09 as trading volume remains thin. It […]

The post EUR/USD levels to watch after the favorable first French round appeared first on Forex Crunch.

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April 24, 2017 at 02:18AM

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from Yohay Elam

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UPDATE: North Korea Threatens To Sink The USS Carl Vinson. North Korea Warns China.

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by Pamela Williams North Korea said on Sunday it is ready to sink the USS Carl Vinson aircraft carrier to demonstrate its military might, as two Japanese navy ships joined a U.S. carrier group for…

April 24, 2017 at 02:16AM

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from IWB

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Inas approve governance changes and appoint new President – Insidethegames.biz

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Insidethegames.biz
Inas approve governance changes and appoint new President
Insidethegames.biz
Governance structure changes which have been described as “substantial” have been approved by the International Federation for Intellectual Disability Sport (Inas) during their General Assembly. The organisation also elected a new President with France

and more »

April 24, 2017 at 02:09AM

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China’s first big jetliner clears final hurdle before flying

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China’s first big jetliner just passed a crucial test that will take the country a step closer to becoming one of the world’s elite large airline makers.

April 24, 2017 at 02:12AM

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Bank of England bosses warned about Libor scam in 2005

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Top Bank of England officials were told about Libor rate rigging as early as 2005, witnesses claim.

April 24, 2017 at 02:10AM

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Jaguar Land Rover reaches deal to cut pensions

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Car maker Jaguar Land Rover is set to link thousands of workers’ pensions to career average pay rather than final salaries.

April 24, 2017 at 02:10AM

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ALEX BRUMMER: Doomsayers ready declare City sliding slope

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The International Monetary Fund is being unhelpful again. It now acknowledges that Britain is resilient and so far has steered clear of the economic shoals.

April 24, 2017 at 02:10AM

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Eddie Stobart on way London Stock Exchange’s junior market

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Employees at haulage firm Eddie Stobart are in line for a windfall when the company floats this week.

April 24, 2017 at 02:10AM

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Mail order firm Boden steps out onto the high street  

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Mail-order fashion brand Boden is set to step out of the catalogue and into high streets across the UK.

April 24, 2017 at 02:10AM

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